Mondato report says African transactions to grow
Hive of activity: CARTES SECURE CONNEXIONS exhibitors set up their stands yesterday
Person-to-business (P2B) mobile-initiated transactions across the five leading sub- Saharan African countries will grow nearly tenfold over the next five years, from $2.9 billion in 2013 to $28 billion.
That is the prediction of a collection of reports unveiled at CARTES SECURE CONNEXIONS by management consultancy Mondato, which show that currently Kenya leads the way in the P2B market across the five nations (Kenya, Tanzania, South Africa, Nigeria and Ghana), with transactions worth $1.4 billion in 2013. Mondato predicts that by 2018 this figure will have grown to $3.7 billion.
Despite this growth, Kenya will fall to third place among the five economies although its domestic P2B transactions should outstrip other non-cash forms of payment by around 50% by 2018, says the report.
Mondato’s research and analysis predicts that Kenya will be surpassed by competitor economies across multiple transaction categories within just a few years.
Nigeria’s P2B market, which is currently the smallest of the five focus countries, is predicted to power ahead and become the region’s largest at $13 billion per annum over the same time period, owing to the sheer size of Nigeria’s economy. The report calculates that transactions in the five economies are likely to grow by 40% up to 2018, from $640 billion in 2013 to more than $900 billion. The reports will be launched at a workshop today at 15:00 in the Exhibitors’ Workshop area in Hall 4.